WOOFi Decentralized Exchange Shifts from NEAR Protocol to EVM-Compatible Networks
WOOFi, a decentralized exchange platform owned by Woo Network, has announced its strategic transition from the NEAR Protocol to Ethereum Virtual Machine (EVM) compatible networks. This move is aimed at developing WOOFi’s version 2.0 omnichain DEX. The announcement was made at TOKEN 2049 by Jack Tan, WOO’s Founder and CEO. Tan highlighted that the transition signifies a stronger offering in both centralized finance (CeFi) and decentralized finance (DeFi) sectors. The objective is to create a cooperative ecosystem that integrates major chains and centralizes liquidity. WOOFi Pro users will be able to trade across various applications and blockchain networks without leaving their preferred platform.
WOOFi Pro: Mobile-Friendly Design and Gasless Orderbook Trading
WOOFi Pro, the trading interface, is designed to be mobile-friendly, offering a seamless transaction experience. WOO X, the centralized exchange counterpart, has a daily trading volume of $150 million to $500 million. It has introduced a live transparency dashboard to build trust among professional traders. Notably, WOOFi Pro features gasless orderbook trading, eliminating transaction fees and the need for Know Your Customer (KYC) verification. Users have complete control over their funds without relying on external custodians. Additionally, WOOFi has integrated Orderly Network’s institutional-grade order books to provide consistent access to a substantial liquidity pool.
WOO X and WOOFi: A Comprehensive Trading System
Jack Tan emphasized the synergy between WOO X and WOOFi, offering users a fully-featured off-chain or on-chain orderbook trading system. The demand for both traditional and cryptocurrency trading has increased, especially for Real World Assets (RWAs). WOOFi Pro will launch with 10 crypto trading pairs in October, with plans to expand its asset offerings to include cryptocurrencies, stocks, commodities, and forex. With its user-friendly interface, WOOFi aims to facilitate easy navigation and asset diversification for its users.
Hot Take: WOOFi’s Transition to EVM-Compatible Networks Strengthens its Position in the DeFi Space
WOOFi’s strategic shift from the NEAR Protocol to EVM-compatible networks demonstrates its commitment to providing a robust offering in both centralized and decentralized finance sectors. By integrating major chains and centralizing liquidity, WOOFi aims to create a cooperative ecosystem that facilitates seamless trading across various applications and blockchain networks. With WOOFi Pro’s mobile-friendly design, gasless orderbook trading, and integration with Orderly Network’s liquidity pool, users can enjoy a comprehensive and user-friendly trading experience. As WOOFi expands its asset offerings and continues to prioritize user autonomy, it is poised to become a significant player in the DeFi space.
Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions.
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